March 22, 2011 -- The Treasury Department issued approval of State Small Business Credit Initiative (SSBCI) applications on Monday in Connecticut, Vermont, and Missouri. The newly-distributed SSBCI funding is expected to generate more than $534 million in new small business lending across the three states, in addition to several new jobs. While all states can apply for federal funds under SSBCI, a state must demonstrate that every $1 in federal funding will produce a minimum of $10 in new private lending. As a result, the $1.5 billion commitment by the federal government is expected to prompt no less than $15 billion in private lending across the country. SSBCI funds have also previously been approved in California, Michigan, and North Carolina. Read more